Required Information Problem 9-6 (Algo) Retall Inventory method; average cost and conventional [LO9-3, 9-4] [The...
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Required Information Problem 9-6 (Algo) Retall Inventory method; average cost and conventional [LO9-3, 9-4] [The following Information applies to the questions displayed below.] Sparrow Company uses the retall Inventory method to estimate ending inventory and cost of goods sold. Data for 2024 are as follows: The company records sales net of employee discounts. Employee discounts for 2024 totaled $3,300. Problem 9-6 (Algo) Part 1 Required: 1. Estimate Sparrow's ending Inventory and cost of goods sold for the year using the retall Inventory method and the average cost application. Note: Round Cost-to-retall percentage to 2 decimal places and final answers to the nearest whole dollar amount. 2. EstImate Sparrow's ending Inventory and cost of goods sold for the year using the retall Inventory method and the conventional application. Note: Round Cost-to-retall percentage to 2 decimal places and final answers to the nearest whole dollar amount
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